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The best TFSAs in Canada for 2024 + MORE Apr 2nd
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The best TFSAs in Canada for 2024
We’ve rounded up the best TFSA rates on savings accounts and GICs, as well as the best TFSA investment accounts.
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What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
How to invest as a teenager in Canada + MORE Mar 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing for some teenagers can be the next step.
In Canada.... More »
Can I withdraw from RRSPs to pay bills? + MORE Apr 17th
What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous
Withdrawing RRSPs when you’re not retired
Ahh, the unexpected bills.
Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
This 31-year-old is about to finish her PhD. Making $60,000 a year, she’s hoping to buy a bigger place and have a child. How can she start? + MORE Oct 10th
A dedicated and frugal saver, U of T graduate student Cecily has amassed significant savings along with substantial equity in a downtown condo. Her goal is to stay on track financially as her life moves to a new stage..... More »
Making sense of the markets this week: August 16
– moneysense.ca
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous post, I broke the bad news that Canada will soon have $1 trillion in debt. Of course, we’ll have to pay for that one day. We’ll have to cover the borrowing costs, at least.
Here’s a tweet from Teri Courhene, economist and instructor at University of Toronto, School of Continuing Studies.
Twitter
I’ve seen it often suggested that we will likely see an increase in the capital gains inclusion rate from 50% to 75%. But tax your principal residence? Will the TFSA accounts also be on the table? Will the tax free savings account become the sort-of-tax-free-savings account? Introducing the ATFSA.
The Almost Tax Free Savings Account.
I have penned previously that I do not think the TFSA is entirely immune to a tax grab over the longer term…
Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous post, I broke the bad news that Canada will soon have $1 trillion in debt. Of course, we’ll have to pay for that one day. We’ll have to cover the borrowing costs, at least.
Here’s a tweet from Teri Courhene, economist and instructor at University of Toronto, School of Continuing Studies.
I’ve seen it often suggested that we will likely see an increase in the capital gains inclusion rate from 50% to 75%. But tax your principal residence? Will the TFSA accounts also be on the table? Will the tax free savings account become the sort-of-tax-free-savings account? Introducing the ATFSA.
The Almost Tax Free Savings Account.
I have penned previously that I do not think the TFSA is entirely immune to a tax grab over the longer term…
How Many Credit Cards Is Too Many?
– ratesupermarket.ca
The average Canadian has two credit cards. So, if you were to peek into your neighbour’s wallet, it’s likely you would find at least two—in some cases, even more. Consumers are told to build up a credit history through the responsible use of credit cards, but is there a point where you have too many open accounts? It comes down to your personal financial habits and how you use the payment capabilities that cards provide.
Having multiple cards is a good idea
When reviewing your credit report, you’ll see a list of your open accounts and payment history. That includes things like personal loans, student loans, cell phone bills, mortgages, and yes—credit cards. Companies calculate your credit score based on several factors, including your credit utilization ratio, age of credit, payment history, credit mix, and credit inquires.
Here’s how having multiple cards can help your score.
Credit utilization ratio
The credit utilization ratio is the amount of credit you use against how much total credit you have available…